The Factors such as increasing focus on risk management solutions in the healthcare industry and rising implementation of big data solutions are driving the market for clinical risk grouping solutions. Increasing instances of physician burnout due to clinical documentation and a shift towards software based on AI and machine learning also present significant growth opportunities for market players.
The report “Clinical Risk Grouping Solutions Market by Product (Scorecard & Visualization Tools, Dashboard Analytics, Risk Reporting), Deployment (Private Cloud, Public Cloud, Hybrid Cloud), End-User and Region – Global Forecast”, is projected to reach USD 829 million by 2024 from USD 427 million in 2019, growing at a CAGR of 14.2%.
Recent Developments in Industry;
# In June 2019, Optum, Inc. (US) acquired the DaVita Medical Group from DaVita Inc. (US). This will result in increased patient management programs, especially in the kidney care space.
# In May 2019, HBI Solutions (US) signed a partnership with Iatric Systems, Inc. (US) under which, HBI Solutions (US) will use Iatric’s AI systems for generating predictive risk scores of patients for healthcare providers.
# In April 2019, Health Catalyst (US) signed a partnership with Fullerton Healthcare Corporation (Singapore), which will combine Health Catalyst’s analytical services with Fullerton’s services in the Asia Pacific market.
# In March 2019, Evolent Health (US) and GlobalHealth (US) formed True Health as a joint venture between the two companies. True Health will focus on developing solutions for healthcare providers and payers.
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Hospitals are expected to be the largest end-user of market in 2019
Hospitals, payers, ambulatory care centers, and long-term care centers, among others are the end-users of clinical risk grouping solutions, of which hospitals accounted for the largest market share in 2018. Increasing adoption of big data solutions in healthcare facilities (such as hospitals and clinics), growing focus of caregivers on risk management, and the rising adoption of AI and machine learning in the healthcare industry are driving the growth of this segment.
Deployment via private cloud is estimated to account for the largest market share in 2019; however, the public cloud segment is expected to be the fastest-growing segment
Private cloud accounted for the largest share of the clinical risk grouping software market in 2018 as it offers the highest level of security for sensitive data making it a viable option for the highly sensitive clinical risk grouping data. This data has to be stored in a secure way to avoid any breach of data privacy, which can lead to legal ramifications. However, the public cloud segment is estimated to be the fastest-growing segment with the highest CAGR. Low cost of public cloud systems as compared to other deployment models and a high number of public cloud providers are driving growth in this segment.
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The clinical risk grouping software market in North America is driven by the growing focus on quality care, increasing focus on population health management, and cost containment in the healthcare industry. Also, a highly suitable healthcare IT infrastructure and rising adoption of clinical risk grouping solutions by healthcare payers in the region are supporting the growth of clinical risk grouping solutions in this region.
Key Market Players;
3M Corporation (US) and Optum, Inc. (US) dominated the global clinical risk grouping solutions market in 2018. The prominent players in the global market are Cerner Corporation (US), Conduent Inc. (US), Nuance Communications (US), Health Catalyst (US), HBI Solutions (US), Johns Hopkins University (US), Lightbeam Health Solutions (US), Dynamic Healthcare Systems (US), 4S Information Systems (US), Evolent Health (US), and PeraHealth (US)